Merits and Demerits of Cashless Economy

Making India a cashless economy is a good initiative. It'll benefit the people in many ways. But at the same time, we cannot ignore the fact that it has some demerits too. For instances, the area where there is lack of resources for this process, it is impossible to function this system properly. Moreover, a great number of people in India are still illiterate. For them, it will be difficult in the transaction of money.

If we see ten years down the line this cashless economy is going to benefit the society a lot.

But as of now it is not that much useful because of unawareness among people. Most of the people are resisting these changes because they don't have proper idea about the merits and demerits of the implementation.

So, as a citizen of India we all should have to take the initiative to teach all ar make everyone aware about the changes taking place in our country.

Some of the impacts are;

Paper is saved.
More transparency.
Use of technology.
Security and risk factors are reduced.
Black money is reduced.

The cashless economy is the great initiative. It has a result in the diminishing of tree cutting. Papers are being lesser used. It's a simple and very easy way to transact money. But it has demerit also like the area where the facility is not available or online facility is not available will result in some kind of trouble.